Even if you think you don’t have much to leave behind, if you don’t decide who receives your assets when you pass away, you won’t have any control over what happens to them. The main component of estate planning is allocating heirs for your assets, whatever they may be.
Without an estate plan, the courts will often decide who gets your assets, a process that can take years, is expensive and can cause many arguments. Don’t assume a spouse will automatically get everything or that children will be allocated assets in a fair way.
The estate planning process definitely takes some work, but you can rest easy once it is done, having full confidence that your assets will provide for your loved ones exactly the way you intend for them and with the smallest possible tax burden.
Asset Protection
We can help you protect your assets from unforeseen creditors, such as:
- Care Fees
- Marriage After Death
- Divorce or Separation Settlements
- Creditors or Bankruptcy claims
- Taxation
With the strategic use of Trusts, you can ensure that your children and grandchildren or chosen beneficiaries are able to benefit completely, from the inheritance you want them to receive.
Trusts
A trust is a legal arrangement in which a ‘trustee’ (which may be one or more individuals, or a company) keeps assets for the benefit of a ‘beneficiary’ (usually one or more individuals). The assets may eventually pass to the beneficiary (e.g. when he/she reaches a certain age) or may be held indefinitely to provide them with a certain benefit (e.g. a place to live or an income). Putting assets into a trust will ensure that they are kept for that particular beneficiary, instead of being spent or otherwise disposed of. In addition, trusts can be used to reduce inheritance tax.
We can assist you with both estate planning and setting up a trust. We have expertise in all areas of estate planning, however complex. Whether you need general advice, a will review, full estate planning or any other area of succession planning, we can help.
Lasting Powers of Attorney
What If I am unable to manage my affairs, due to illness or injury? We can create a Power of Attorney for you in advance, which will ensure that if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.
Wills
The reality is that you can put off making a Will until it is too late and this poses all sorts of problems for the people left behind and could mean that some or all of your inheritance either goes to the wrong person or to the state. Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so, in accordance with your wishes and at the same time avoiding any possible disputes between relatives.
Our team can review your current circumstances and needs and provide personalised advice and solutions.
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